ARTICLE · 26 JANUARY 2017

FIG Derivatives Briefing - 16.09.08

Yulchon LLC

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The requirement for Korean insurance companies to account for their assets using IFRS9 from January 2018 is likely to raise capital-related issues for foreign-owned insurance companies...

South KoreaFinance and Banking

Kyu Rim Lee

The dedicated professionals of Financial Institutions Group related practice (FIG) at Yulchon LLC will be bringing you periodic briefings on developments in Korea and globally concerning derivatives and structured products. We welcome any queries and feedback on the contents of this Briefing and related topics.

IFRS9 and KRBC Management for Insurance Companies

The requirement for Korean insurance companies to account for their assets using IFRS9 from January 2018 is likely to raise capital-related issues for foreign-owned insurance companies in Korea due to the obligation to comply with Korean risk-based capital requirement (KRBC) for its Korean operations whilst complying with risk-based capital or solvency requirements of its head office's jurisdiction where the two rules are not harmonised.

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